Include Tax Strategy in Holiday Wedding Plans : Finance: It’s not a jolly subject, but some smart preparations before the end of the year may spare you unpleasant surprises.

How romantic to be married under the mistletoe or to have a wedding toast on New Year’s Eve--just don’t expect a honeymoon from the Internal Revenue Service.

“If you’re considering getting married during the holidays and both of you work, you might want to postpone it until January to avoid the marriage penalty,” said Larry Scheinfeld, a partner at KPMG Peat Marwick. “Marital status is determined on the last day of the year.”

And so is your tax bill. Although the deadline for filing ’94 returns is months away, the chance to reduce what you pay the IRS is drawing to a close.

There are still plenty of ways to lower your tax liability before year’s end, like increasing charitable contributions, deferring annual bonuses, even putting off a wedding to avoid the so-called marriage penalty. (That’s a quirk in the system that frequently requires people to pay more taxes when they’re married than when they’re single.)

“There’s really lots of things that can be done,” said Nancy Anderson, manager of special tax projects for H&R; Block Inc. in Kansas City, Mo.

Anderson suggests preparing a rough return now to determine what course of action can be taken. A good accountant or tax publication can also help.

“The first thing you need to look at is what your situation for ’94 is as of today,” added Andrea Markezin, a principal for Ernst & Young, which offers tax-saving tips through its “Tax Saving Strategies Guide, 1995.”

“That means looking at your pay stub and projecting how much compensation and withholding you will have for the whole year . . . (and) estimating interest and dividend income by looking at your bank statement.

“Get a feel for what your baseline is before making any changes.”

It’s especially important to ensure that your estimated tax payments or withholding are correct. To avoid penalties, you must withhold through payroll deductions or quarterly estimated payments an amount at least equal to 90% of this year’s projected federal income-tax liability or 100% of last year’s actual liability, whichever is less. If your adjusted gross income exceeds $150,000 a year, it’s 90% of this year’s liability or 110% of last year’s.

Timing is essential. The rule of thumb among tax experts is to defer income and accelerate deductions.

While you can’t defer salary that is already earned or available to you, you can have expected year-end bonuses, free-lance or consulting fees paid out in 1995, thereby delaying tax payments on them, Scheinfeld said.

At the same time, Scheinfeld noted, you shouldn’t overlook available tax shelters like company-sponsored 401(K) plans or Keough plans for the self-employed. Tax is deferred on the portion of your salary put into the plans.

Income from investments must also be considered since it’s taxable in the year earned, regardless of whether you reinvest it. However, investments that generate long-term capital gains won’t be subject to taxation until they’re sold, tax experts note. The maximum rate is 28%.

Tax experts suggest taking some capital losses this year to offset any gains you might have.

Scheinfeld, however, thinks individuals should hold off on selling appreciated stock or other investments that may incur capital gains until next year. “There’s talk of cutting the tax (rate) to 14%. That may happen with a Republican Congress,” he said.

There are many ways to accelerate deductions, meanwhile.

“If you have real estate taxes due in January, you can pay them in December,” Markezin said. “You can also make your January mortgage payment in December . . . to get the extra interest deduction.”

Planned charitable contributions also should be made before Dec. 31. You may even consider giving a portion of your 1995 contributions this year. (Just remember to get a written receipt if your gift to one organization exceeds $250; canceled checks won’t suffice as proof.)

It’s not too early to think about your filing status, either. A divorced mother would probably owe less taxes if she files as a head of the household rather than a single person.

A two-income couple might fare better filing separate returns rather than jointly. Then maybe they can go ahead with their wedding plans.